Latest news with #Authority
Fintech News ME
9 hours ago
- Business
- Fintech News ME
Israel Grants Payment Licenses to Revolut, Rapyd, Mesh Payments, and Airwallex
The Israel Securities Authority (ISA) has granted payment institution licenses to four international fintech firms: Revolut, Rapyd, Mesh Payments, and Airwallex. These licenses enable the firms to operate in Israel under regulated conditions. According to Calcalist, the licenses authorise the companies to provide services including money transfers, foreign currency exchange, digital wallet operations, and interest-bearing accounts. All services will be supervised by the Securities Authority, headed by Inbal Polk, Director of Investment Management. The decision aligns with the Authority's broader strategy to promote competition in Israel's financial services sector. While these companies currently have a limited presence in the country, the new licenses are intended to support expansion and offer alternatives to services provided by domestic banks. 'It was important for us to allow them to offer interest despite opposition from the Bank of Israel,' said Seffy Zinger, Chair of the Israel Securities Authority. 'We felt it was the right step, because for payment companies to effectively compete with the banking system, they must not be restricted. They need to provide the broadest possible service. In the future, we would also like to see companies successfully integrate securities trading.' License holders are subject to regulatory obligations, including the segregation of customer funds from company assets, compliance with anti-money laundering and counter-terrorism financing rules, and adherence to consumer protection laws. These laws require transparency in payment contracts, clear disclosure of terms, and safeguards against misleading practices. According to Polk, the firms are expected to focus on underserved segments, such as digital financial management tools for children and more affordable cross-border transactions. The Authority also indicated that the licensing framework could be extended to non-fintech platforms in future, enabling wider provision of financial services to Israeli consumers.
Dubai Eye
13 hours ago
- Dubai Eye
Over 32,000 arrested for violating UAE residency laws
The UAE arrested over 32,000 people who violated residence laws in the first six months of 2025, the Federal Authority for Identity and Citizenship, Customs and Ports Security said on Tuesday. His Excellency Major General Suhail Saeed Al Khaili, Director General of the Authority, said that the Authority's inspection campaign, called "Towards a Safer Society," aims to reduce violations and provide a "decent life for residents and visitors of the country by providing them with opportunities to live and work in accordance with the law." Al Khaili stressed that the inspection campaigns reflect the Authority's determination to spread and consolidate a culture of compliance with the law among members of society, and to eradicate the phenomenon of violators by taking the necessary legal measures against them and providing them with the opportunity to rectify their status or be deported, thus supporting community security and preserving its stability. He pointed out that legal measures were taken against the violators who were caught, with approximately 70 per cent of them being deported after completing the legal procedures approved against them. A number of those caught were also detained pending their transfer to the competent authorities to implement the law regarding them. His Excellency Major General Suhail Al Khaili stressed that the Authority is continuing its inspection campaigns against violators nationwide, noting that specialised teams are working continuously to apprehend violators. He affirmed that the Authority will "not be lenient" in taking the necessary legal measures against those who violate the law on the entry and residence of foreigners, as well as those who shelter or employ them. He noted that the law regulating the entry and residence of foreigners in the country imposes strict penalties and fines on violators and those who employ or shelter them in violation of the law. The Authority's Director General urged all segments of society in the UAE to abide by the provisions of the Law on the Entry and Residence of Foreigners in the UAE, and to refrain from employing violators, in implementation of the law's provisions and to contribute to protecting the security of society.
Daily News Egypt
20 hours ago
- Business
- Daily News Egypt
SCZONE signs $52.6m textile industry deals during China investment tour
The Suez Canal Economic Zone (SCZONE), chaired by Walid Gamal El-Din, signed on Tuesday three new contracts with leading Chinese textile and ready-made garment companies, totalling approximately $52.6m (EGP 2.58bn) in investments. Together, these projects are expected to create around 3,500 direct job opportunities. The agreements were signed in Nanjing, Jiangsu Province, during the Authority's investment promotion tour across several Chinese provinces aimed at deepening industrial cooperation and attracting further Chinese investment in priority sectors within the SCZONE. One of the contracts was signed with Changzhou East Noah Printing and Dyeing Co. Ltd, a top Chinese firm and certified supplier to major global brands. The company will establish an integrated textile factory on an 80,000 sqm plot in the Qantara West Industrial Zone, dedicated to spinning, weaving, and fabric production. The $20m project, fully self-financed by the company, is set to generate around 1,000 direct jobs. The new factory will span all stages of textile manufacturing—from ultra-fine polyester fiber yarn production and knitting, to printing, dyeing, and finishing—producing home textiles such as blankets, bed linens, and quilts. It will have a daily production capacity of 80 tonnes and is projected to deliver up to eight million finished home textile items annually, with 90% of output designated for export and 10% for the local market. A second agreement was signed with Changzhou Golden Spring Textile Co., Ltd, a major integrated player in the textile sector that exports to over 40 countries and has a brand presence in more than 20 international markets. The company plans to establish a factory on an 85,000 sqm site in Qantara West to produce luxury textiles and home furnishings, with a total investment of $24m, also fully self-financed. This project is expected to create another 1,000 direct jobs. With an annual production capacity of 15,800 tonnes of fabrics and two million finished textile products, the factory will focus on blankets, bed linen sets, and quilted duvets. As with the first project, 90% of production is planned for export to markets across the Middle East, North Africa, Europe, and the Americas, with the remainder serving the local market. The third contract was signed with Jiangsu Sainty Corporation Ltd., part of SOHO Holdings Group, to establish a ready-made garments factory on a 40,000 sqm plot in Qantara West. The $8.6m project, also self-financed, will create approximately 1,500 direct jobs and will dedicate 100% of its production to export markets. The company brings over four decades of experience, exporting to about 100 countries worldwide, including the United States, the European Union, and Canada. Gamal El-Din noted that these new agreements reflect the SCZONE's ongoing successful cooperation with the Chinese business community, a key strategic partner in the Authority's development plans. With these latest contracts, the number of Chinese projects in the Qantara West Industrial Zone now stands at 18. He highlighted that the textile sector is among the SCZONE's top priorities for localisation, given its strong potential for integration with related industries and its ability to create large-scale employment. To support this, the Authority has designated a prime area within Qantara West specifically for textile activity. 'These agreements confirm the SCZONE's success in attracting quality industrial investments through international partnerships and integration,' Gamal El-Din added, 'supporting national efforts to boost local manufacturing and expand export capacity.' With the addition of these three projects, the total number of contracted projects in the Qantara West Industrial Zone has now reached 28, representing total investments of around $734.1m. Collectively, these projects cover nearly 1.8 million square metres and are expected to create 38,455 direct job opportunities—reinforcing the SCZONE's growing role as a leading industrial hub supporting Egypt's ambition to strengthen its global position in textiles and ready-made garments.
ARN News Center
21 hours ago
- ARN News Center
Over 32,000 arrested for violating UAE residency laws
The UAE arrested over 32,000 people who violated residence laws in the first six months of 2025, the Federal Authority for Identity and Citizenship, Customs and Ports Security said on Tuesday. His Excellency Major General Suhail Saeed Al Khaili, Director General of the Authority, said that the Authority's inspection campaign, called "Towards a Safer Society," aims to reduce violations and provide a "decent life for residents and visitors of the country by providing them with opportunities to live and work in accordance with the law." Al Khaili stressed that the inspection campaigns reflect the Authority's determination to spread and consolidate a culture of compliance with the law among members of society, and to eradicate the phenomenon of violators by taking the necessary legal measures against them and providing them with the opportunity to rectify their status or be deported, thus supporting community security and preserving its stability. He pointed out that legal measures were taken against the violators who were caught, with approximately 70 per cent of them being deported after completing the legal procedures approved against them. A number of those caught were also detained pending their transfer to the competent authorities to implement the law regarding them. His Excellency Major General Suhail Al Khaili stressed that the Authority is continuing its inspection campaigns against violators nationwide, noting that specialised teams are working continuously to apprehend violators. He affirmed that the Authority will "not be lenient" in taking the necessary legal measures against those who violate the law on the entry and residence of foreigners, as well as those who shelter or employ them. He noted that the law regulating the entry and residence of foreigners in the country imposes strict penalties and fines on violators and those who employ or shelter them in violation of the law. The Authority's Director General urged all segments of society in the UAE to abide by the provisions of the Law on the Entry and Residence of Foreigners in the UAE, and to refrain from employing violators, in implementation of the law's provisions and to contribute to protecting the security of society.
Saba Yemen
a day ago
- Health
- Saba Yemen
General Authority for Science, Research, Technology localizes artificial knee produce, delivers it to Prosthetics Center: Report
Sana'a - Saba: The General Authority for Science, Research, Technology, and Innovation recently designed and manufactured a more advanced prototype of an artificial knee using reverse engineering based on a German model. Dr. Abdulaziz al-Houri, the Authority's Vice Chairman, explained to the Yemeni News Agency (Saba) that the Authority delivered the prototype to the Prosthetics Center, affiliated with the Ministry of Health, for testing and feedback. These feedback will be incorporated and the current product modified accordingly. He added, "After integrating the feedback and modifying the product, the mass production of the artificial knee will begin, in accordance with the Center's request and based on a specific mechanism developed by both parties. This mechanism will contribute to providing the product at the lowest cost compared to its current price of approximately $700, thus achieving the Authority's goal of serving the community." Al-Houri considered the implementation of the project to develop and localize prosthetic limbs using advanced technology a qualitative step toward achieving self-sufficiency in this vital humanitarian field. He emphasized that localizing and manufacturing the artificial knee locally will have a positive impact on other prosthetic products. Al-Houri pointed out that the Authority will not stop at localizing this product, but will move to the field of manufacturing plates used in the treatment of upper and lower prosthetic limbs, which are also very expensive and are imported annually at exorbitant prices. He continued, "When the Authority is able to localize this complex technology, it will be able to manufacture any other product in a simple and easy manner." Regarding the positive impact of localizing the prosthetic limb industry, the Vice Chairman of the Science and Innovation Authority stated that localizing and producing the artificial knee locally will have a positive impact on the national economy by reducing its costly and large import bill. Al-Houri also addressed the Authority's efforts in this regard and its commitment to bridging the gap between reality and need on the one hand, and research and education on the other. He said, "In order to bridge the existing gap, we were keen to localize the prosthetic knee, relying on the latest models of prosthetic tools used as replacement limbs. We did not start from scratch, but rather jumped to adopting the latest model of the prosthetic knee, the German model, which was taken, copied, and produced locally. It is considered a more advanced, modern, more widely used, and more expensive model. This is a very advanced step that will pave the way for us to move forward in the next stages in the field of prosthetic limb manufacturing technology." Regarding the initial beginnings of the project idea, Dr. al-Houri said, "We received memos from the Wounded Foundation, the Limb Center, and the Disabled Fund stating that they face significant difficulties in providing prosthetic limb products and are spending very large sums to provide them. They also stated that there are many suppliers in the local markets competing to provide them, but their competition has not contributed to reducing costs; rather, it has increased them, making prosthetic limb products expensive and making them very difficult for the poor, destitute, and those with limited income." Al-Houri continued, "Therefore, the Authority conducted a recent study to keep pace with advanced technology in the field of prosthetic limb design and manufacturing, thus bridging the gap between reality and need on the one hand, and research on the other." He pointed out that the draft study prepared by the Authority included identifying the types of prosthetic limbs that could be manufactured locally and incorporating advanced technologies to serve thousands of people with disabilities in the country. Al-Houri noted that the project study conducted by the Authority focused on assessing the current situation, identifying technical gaps, and how to leverage reverse engineering tools in the design and manufacture of prosthetic limbs. The application work then began, including cloning the German prosthetic knee and producing it locally. Whatsapp Telegram Email Print
